ISLAMABAD: Pakistan and the United Arab Emirates have agreed to enhance tax and customs cooperation, the Federal Board of Revenue (FBR) said after a meeting of its chairman with the UAE ambassador on Thursday.
FBR chairman Asim Ahmed met UAE Ambassador Hamad Obaid Ibrahim Al-Zaabi at the tax agency’s headquarters in Islamabad.
“It was agreed in the meeting that relevant departments of both countries would further promote cooperation in the field of customs and other inland taxes and would learn from each other’s best practices,” the FBR said in a statement.
The measures, the tax office said, would also result in increased trading volume between the two countries.
As the cash-strapped South Asian nation has been struggling to increase its tax revenues, it agreed with the UAE in 2019 to develop better mechanisms to share tax information about Pakistanis investing in the Gulf country, as it tries to counter possible attempts by nationals trying to conceal illegal wealth.
More than 1.2 million Pakistanis live and work in the UAE, which is the second-largest, after Saudi Arabia, contributor to Pakistan’s remittance inflows.
Pakistan to enhance customs, tax cooperation with UAE
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Pakistan to enhance customs, tax cooperation with UAE
- FBR chairman Asim Ahmed met UAE Ambassador Hamad Obaid Ibrahim Al-Zaabi on Thursday
- UAE is the second-largest, after Saudi Arabia, contributor to Pakistan’s remittance inflows
Pakistan hikes prices of petrol by Rs5, diesel by Rs7.32 per liter for next fortnight
- After latest increase, new price of petrol is RsRs258.17 per liter while that of diesel is Rs275.70 per liter
- Fuel prices in Pakistan are reviewed fortnightly, influenced by global oil prices, exchange rate movements, taxes
ISLAMABAD: Pakistan’s government has increased the price of petrol by Rs5 per liter and that of high-speed diesel (HSD) by Rs5 per liter and Rs7.32 per liter, respectively, an official notification by the Ministry of Energy said on Sunday.
After the fresh increase, the new price of petrol is Rs258.17 per liter from the previous Rs253.17 per liter. Meanwhile, the new price of HSD is Rs275.70 per liter, up from the previous Rs268.38 per liter.
“The government has raised the prices of petroleum products based on recommendations of OGRA [Oil and Gas Regulatory Authority],” a notification by the Ministry of Energy said on Sunday.
Fuel prices in Pakistan are reviewed fortnightly and are influenced by global oil prices, exchange rate movements and domestic taxes. The pricing mechanism passes changes in import costs on to consumers.
The government kept the price of petrol unchanged on Feb. 1, increasing that of HSD by Rs11.30 per lite.
Petrol is mainly used in private transport, motorcycles and rickshaws, while diesel fuels heavy transport and agricultural machinery and is considered a key driver of inflation in the South Asian country.
Financial analysts warn constant increases in prices of petroleum products stoke inflation, inflicting a heavy burden on consumers.
